London — Details of a £1.1 billion ($1.3 billion) investment programme to improve and expand Britain's Stansted airport’s terminal building have been announced.
Manchester Airports Group (MAG), which owns the Essex airport, said the project will create up to 5,000 new on-site jobs.
The plans, unveiled at the government’s investment summit, are expected to double the airport’s economic contribution to £2 billion per year.
They are focused on a £600 million extension of the existing terminal, which will increase its size by a third.
This will feature more seating areas and new shops, bars and restaurants.
Planning permission was obtained in October last year, and construction is due to begin in 2025.
The project is expected to take between two and three years to complete.
Also included in the investment programme are an enlarged security hall, an on-site solar farm to supply energy needs, a refurbishment of toilet facilities and seating upgrades.
The Department for Transport said the scheme is “in line with previously agreed passenger and flight numbers”.
MAG chief executive Ken O’Toole said: “By investing more than £1 billion in Stansted over the next five years, we will be able to connect people and businesses in London and the east of England to even more global destinations, while welcoming millions more visitors to the UK.
“We are proud to be investing in our infrastructure in a way that will create jobs and stimulate trade, investment and tourism.
“Aviation is an essential enabler of the success of the UK’s key high-value industries, and we look forward to helping the Government achieve the highest sustained growth in the G7 through the sustainable growth of our airports.”
MAG also owns Manchester and East Midlands airports.
Transport Secretary Louise Haigh said: “We have been steadfast in our commitment to help British businesses grow and in turn boost the UK’s economy.
“This announcement is a clear signal that Britain is open for business.
“Transport is central to this Government’s core mission of growing the economy.
“This is about giving companies like Manchester Airports Group the confidence to invest, boosting regional and national economic growth, and supporting the aviation sector while also meeting our existing environmental obligations.”
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